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11/17/2010 7:34AM

Ireland, Default Delayed

Ireland will be forced to accept a bailout. But this will only postpone its default. That's because it is already overburdened by debt. All these rescues do is switch the pain from creditors to taxpayers. But taxpayers, particularly German ones, won't stay compliant forever.

This transcript has been automatically generated and may not be 100% accurate.

go ... any forced to take a ... test as you received in everything rally ... despising sequence that all of Greece's ... sovereign debt crisis ... and the one that can be followed by the next crisis is well perhaps porch is ... the point is these Brzeski pounced on worries over anything ... the carousel of temporary market panic ... the mood even more debt on to government stock already can pay back what they owe ... in other words ... these rescues merely card defaults postponed rather than prevent it ... ultimately ... what does this shift the burden of ... paying for these faults from creditors taxpayers ... taxpayers however are likely to stay confined for long ... German voters start feeding the consequences of these rescues directly ... through higher taxes and shrinking services ... Phil Rebel ... OS two will Voters an austerity countries when they realize ... there's no into their stock prices ... sacrifices made in the name of making creditors hold ... ultimately and will the pain spread ... creditors will be made to suffer too and that means paying for the markets as well ... this is our not that redoubt Jones Newswires ...